Top 3 Industrials Stocks That Could Blast Off This Month
Author: Avi Kapoor | August 02, 2024 08:32am
The most oversold stocks in the industrials sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
Star Bulk Carriers will release its results for the second quarter, after the closing bell on Wednesday, Aug. 7. The company's stock fell around 12% over the past month and has a 52-week low of $16.86.
RSI Value: 27.28
SBLK Price Action: Shares of Star Bulk Carriers fell 3.6% to close at $21.74 on Thursday.
Symbotic reported worse-than-expected third-quarter earnings results and issued fourth-quarter revenue guidance below estimates on Monday. “Our teams continue to focus on execution of the 39 systems we have in deployment, which is reflected in our record revenue for the quarter. Our system gross margin fell below expectations due to elongated construction schedules and implementation costs,” said Rick Cohen, chairman and CEO of Symbotic. “We are focused on improving our planning, speed of implementation and project management to improve performance.” The company's stock fell around 37% over the past five days. It has a 52-week low of $24.21.
RSI Value: 26.59
SYM Price Action: Shares of Symbotic fell 8.2% to close at $24.61 on Thursday.
On July 23, Lyft said President Kristin Sverchek will depart as employee effective Aug. 20. The company's shares fell around 15% over the past month and has a 52-week low of $8.85.
RSI Value: 25.99
LYFT Price Action: Shares of Lyft fell 5.2% to close at $11.42 on Thursday.
